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Korea finance bill awaits final vote

The act on Reporting and Use of certain financial transaction information(Korea Finance Act), which is to lay out the legal basis for cryptocurrency businesses, passed the National Assembly’s Judiciary Committee on March. 4. This committee is in charge reviewing the legality of proposed bills before being put to a vote at the National Assembly. The final step is the National Assembly’s general session on March. 5. In a general meeting Thursday, the committee approved the Korea Finance Act, which establishes the definition of cryptoassets, defines business operators related to the technology and specifies tax report duties accordingly. In other words, this will be first set of domestic laws regulating the cryptocurrency industry. The act was originally planned to be discussed at the Committee’s Feb. 26 meeting, but was shelved as the approval of the so-called “three coronavirus” laws took priority. In the meantime, some raised concerns that the 20th National Assembly would end before this act was passed, and the bill would have expired. The bill will be put to its final vote on Thursday. Once it’s passed, the law is expected to resolve the uncertainty of the cryptocurrency business due to a weak legal basis. Apart from complying with FATF guidelines, the bill’s approval may help the Finance Ministry’s drive to establish taxation standards for cryptocurrency.

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